CBRE Brokers Sale of Prime Development Site Adjacent SoFi Stadium in Greater Los Angeles

CBRE announced the $10.99 million sale of a 40,580-sq.-ft. development site adjacent the new SoFi Stadium in Inglewood, Calif., to Lavissani, LLS. Surrounded by several new sports and entertainment-themed projects, the site is a prime candidate for redevelopment as a hotel or mixed-use venue.

Simon Mattox, Austin Wolitarsky, Dan Riley, Bill Durslag and Kyle Woods represented the seller, White & Day Inc.

Located at 619 S. Prairie Ave., the site is next to SoFi Stadium along Prairie Avenue and near Kia Forum, the future Clippers arena, and the Hollywood Park mixed-use campus.

“The property's irreplaceable location immediately adjacent SoFi Stadium, combined with its solid real estate fundamentals, made it a highly sought-after redevelopment play,” said Mattox. “There is substantial demand for hospitality and multifamily units in the trade area immediately surrounding the stadium. We leveraged CBRE's vast network to obtain meaningful local market data and to reach qualified investors worldwide, ultimately creating a competitive bidding environment for the property.”

The official decision to build the new stadium in Inglewood was announced in January 2016. Since that time, the Hollywood Park submarket has seen burgeoning growth across a series of entertainment, hospitality, multifamily and mixed-use development projects.

As of spring 2021, more than 900 multifamily units are under construction within a two-mile radius of the site, according to CBRE research. In addition, 920 multifamily units and three hotel developments are planned, proposed or under review.

Mike McKinney and Nancy Bush of Lyon Stahl Investment Real Estate also served on the listing team.